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Keyword: oil

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  • Venezuela looks to cut spending as oil prices fall

    11/28/2014 9:48:05 PM PST · by george76 · 21 replies
    Newsday ^ | November 28, 2014
    President Nicolas Maduro is ordering a cut in government spending as Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy. ... More than 95 percent of Venezuela's export earnings come from crude oil exports, and economists say the recent decline in prices will reduce the amount of dollars available for imports when Venezuelans are already suffering from widespread shortages and the world's highest inflation.
  • The World's Oil Giants Got Crushed (stocks)

    11/28/2014 4:20:56 PM PST · by dynachrome · 48 replies
    Business Insider ^ | 11-28-14 | MYLES UDLAND
    On Thursday, oil prices crashed. And on Friday, shares of oil companies around the world followed suit. Here were some of the biggest losers on Friday: BP (BP), down 5% Royal Dutch Shell (RDS.A), down 6% Total (TOT), down 5% Statoil (STO), down 14% Exxon Mobil (XOM), down 5% ConocoPhillips (COP), down 9% Marathon Oil (MRO), down 13% Occidental Petroleum (OXY), down 7%
  • The Price Of Oil Exposes The True State Of The Economy

    11/27/2014 5:26:23 PM PST · by blam · 22 replies
    TMO ^ | 11-27-2014 | Raul_I_Meijer
    November 27, 2014 By: Raul_I_Meijer We should be glad the price of oil has fallen the way it has (losing another 6% today as I write this). Not because it makes the gas in our cars a bit cheaper, that’s nothing compared to the other service the price slump provides. That is, it allows us to see how the economy is really doing, without the multilayered veil of propaganda, spin, fixed data and bailouts and handouts for the banking system. It shows us the huge extent to which consumer spending is falling, how much poorer people have become as stock...
  • Russia's Most Powerful Oil Official Says Oil Could Fall Below $60 In The Next Few Months

    11/27/2014 5:11:11 PM PST · by blam · 10 replies
    BI - Reuters ^ | 11-27-2014 | Katya Golubkova and Vladimir Soldatkin
    Katya Golubkova and Vladimir Soldatkin, Reuters November 27, 2014MOSCOW (Reuters) - Russia's most powerful oil official Igor Sechin said in an interview with an Austrian newspaper that oil prices could fall below $60 by mid-way through next year. Sechin, chief executive of Rosneft, Russia's largest oil producer, also said U.S. oil production would fall after 2025 and that an oil market council should be created to monitor prices, the same day the OPEC cartel met in Vienna and left its output targets unchanged. "We expect that a fall in the price to $60 and below is possible, but only during...
  • Oil prices in freefall as OPEC fails to agree output cut

    11/27/2014 3:06:00 PM PST · by TigerLikesRooster · 59 replies
    Fortune ^ | November 27, 2014 | Geoffrey Smith
    Oil prices in freefall as OPEC fails to agree output cut by Geoffrey Smith @Geoffreytsmith November 27, 2014, 11:31 AM EST Oil futures fall nearly 8% to their lowest in five years as Saudi Arabia tries to squeeze U.S. shale industry. Oil prices fell to their lowest level in over five years Thursday as the cartel that produces one third of the world’s output failed to agree on measures to tackle the current glut. In what had been billed as their most important meeting in decades, ministers from the Organization of Petroleum Exporting Countries agreed to keep their self-imposed output...
  • OIL IS CRASHING ($68.90 Bl)

    11/27/2014 10:13:07 AM PST · by blam · 134 replies
    BI ^ | 11-27-2014 | Myles Udland
    Myles Udland November 27, 2014Crude oil just broke $70 for the first time since June 2010. West Texas Intermediate crude futures are below $70 after Thursday's OPEC meeting resulted in the oil cartel announcing that it will not cut production. On Thursday, WTI futures were down as low as $68.90, a more than 6% decline in the last 24 hours following the news. (snip)
  • Oil Bust of 1986 Reminds U.S. Drillers of Price War Risk

    11/26/2014 6:08:24 AM PST · by artichokegrower · 52 replies
    gCaptain ^ | November 26, 2014 | Asjylyn Loder
    The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans. In 1986, the Saudis opened the spigot and sparked a four- month, 67 percent plunge that left oil just above $10 a barrel. The U.S. industry collapsed, triggering almost a quarter-century of production declines, and the Saudis regained their leading role in the world’s oil market.
  • US House To Hold Hearing On Oil Export Ban

    11/26/2014 5:15:35 AM PST · by thackney · 19 replies
    Rig Zone ^ | November 25, 2014 | Reuters
    A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance. The House subcommittee on energy and power, chaired by Representative Ed Whitfield, will hone in on the 1975 Energy Policy and Conservation Act, drafted in response to the 1973 oil crisis. The law prohibited the export of most crude oil, created the Strategic Petroleum Reserve and Corporate Average Fuel Economy rules for cars and trucks, also known as CAFE standards. "We need to take a comprehensive...
  • Its Grip on Oil Weakening, OPEC Will Meet on Prices

    11/26/2014 4:51:31 AM PST · by thackney · 15 replies
    New York Times ^ | NOV. 25, 2014 | STANLEY REED and CLIFFORD KRAUSS
    As oil prices continue to plummet, the once-dominant international cartel of producers is losing its sway over the global energy markets. At its meeting on Thursday in Vienna, the Organization of the Petroleum Exporting Countries, the group of 12 oil producing nations, is under pressure to at least announce modest cuts in an effort to shore up the markets. But any cuts would be modest and would probably do little to prop up oil prices, assuming the countries even stick to an agreement. OPEC is caught in a swirl of forces that are depressing prices, down more than 25 percent...
  • Follow The Sand To The Real Fracking Boom

    11/25/2014 5:39:45 PM PST · by bananaman22 · 18 replies
    Oilprice.com ^ | 11/25/2014 | James Stafford
    When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom. Demand is exploding for “frac sand”--a durable, high-purity quartz sand used to help produce petroleum fluids and prop up man-made fractures in shale rock formations through which oil and gas flows—turning this segment into the top driver of value in the shale revolution. “One of the major players in Eagle Ford is saying they’re short 6 million tons of 100...
  • OPEC Risks Seeing $60 Oil If It Doesn't Make A Big Move This Week

    11/24/2014 11:02:17 AM PST · by blam · 38 replies
    BI Reuters ^ | 11-24-2014 | Claire Milhench
    Claire Milhench November 24, 2014 Oil prices could plunge to $60 a barrel if OPEC does not agree a significant output cut when it meets in Vienna this week, market players say. Brent crude futures have fallen 34 percent since June to touch a four-year low of $76.76 a barrel on Nov. 14, and could tumble further if OPEC does not agree to cut at least 1 million barrels per day (bpd), commodity fund managers say. "The market would question the credibility of OPEC and its influence on global oil markets if there was no cut," said Daniel Bathe, of...
  • Russia Is Losing Up To $140 Billion Per Year From Western Sanctions And Oil Price Fall

    11/24/2014 7:42:17 AM PST · by SeekAndFind · 18 replies
    AFP Business Insider ^ | 11/24/2014 | AFP
    Russia is set to lose about $40 billion (32 billion euros) per year due to Western sanctions over the Ukraine conflict, Finance Minister Anton Siluanov said Monday. "We are losing around $40 billion per year due to geopolitical sanctions and we are losing some $90 to $100 billion per year due to oil prices falling 30 percent," Siluanov said in a speech at an economic forum in Moscow, quoted by RIA Novosti news agency. Sanctions imposed by the European Union and the US on Russia's economy, which is largely dependent on exports of raw materials, block its access to international...
  • Q&A: Oil eventually will lose its place as leading auto fuel

    11/24/2014 4:54:32 AM PST · by thackney · 44 replies
    Fuel Fix ^ | November 23, 2014 | Collin Eaton
    One day, crude oil will lose its grip on cars and trains and ships, but with costs to produce alternative energy still high, a change that big will likely take many decades. How long is anyone’s guess, says one man with a head start on most prognosticators. Henrik Madsen, the CEO of Norway’s international shipping and oil field equipment classifier DNV GL, says the commercial automobile market is the last bastion of crude oil, after its disappearance from power plants and heating fuels in the second half of the 20th century. Its days in vehicles and vessels are numbered. Searing...
  • Russia to seek new partners if Western oil majors leave: minister

    11/23/2014 3:42:10 AM PST · by wetphoenix · 10 replies
    MOSCOW (Reuters) - Moscow will seek new partners in countries that have not imposed sanctions on it if Western oil and gas companies pull out of projects with Russia, RIA news agency quoted Energy Minister Alexander Novak as saying on Saturday. The sanctions over Russia's role in the Ukraine crisis have targeted the delivery of oil technology, goods and services, aiming to make it harder for Moscow to access new oil sources. "If (Western) companies decide for themselves not to take part in organizing investment projects in the long term, we will invite investors from countries which have not imposed...
  • Statoil Scuttles Ultra-deepwater Rig Contract; Pays $350mm To Back Away

    11/21/2014 10:10:17 AM PST · by thackney · 6 replies
    Oil Pro ^ | 11/21/2014 | Joseph Triepke
    Statoil announced this morning that effective today it is cancelling its contract for the Stena Carron, an ultra-deepwater drillship constructed in 2008. The Stena Carron was under contract to Statoil for a 3-year term, and is only about a half-a-year in. The 2.5 year contract cancellation will cost Statoil $350 million. Statoil signed the contract for the Stena Carron back in March 2013, and was paying a dayrate of around $630,000 per day for the rig. The total contract value remaining was about $585mm for the rig, and ancillary costs mean the total spread cost here likely would have run...
  • Keith Ellison on Keystone XL Pipeline: Send it through Vancouver if it’s so great

    11/21/2014 7:06:35 AM PST · by Tailgunner Joe · 24 replies
    washingtontimes.com ^ | November 19, 2014 | Tom Howell Jr.
    One Democratic congressman is so opposed to the Keystone XL Pipeline that he wouldn’t vote for it even if his party got a minimum-wage bump from Republicans in exchange. “I wouldn’t make that trade,” Rep. Keith Ellison, Minnesota Democrat, told MSNBC’s “Morning Joe” of a hypothetical raise to $9.50 per hour. Senate Democrats late Tuesday filibustered a measure to green-light the contentious oil pipeline from Canada to the Gulf Coast, potentially dooming the chances of party colleague Sen. Mary Landrieu of Louisiana and underscoring the power of the pro-environment caucus. Republicans vowed to put President Obama’s veto pen to the...
  • Apache to cut North American spending (US oil producer)

    11/21/2014 5:39:47 AM PST · by thackney · 41 replies
    Fuel Fix ^ | November 20, 2014 | Ryan Holeywell
    Apache will cut its North American capital budget from $5.4 billion to $4 billion, the company told analysts at a presentation in New York, but said it will be able to spend that money more efficiently. The forecast comes at a time when oil prices continue to fall. Amid pressure from investors, Apache is working to shrink its portfolio to focus on North American liquids production. Still, company officials said despite the sliding oil prices, they believe they can be successful. “We’re very excited about what we can do at $80,” said Gary Clark, Apache’s vice president for investor relations....
  • EIA releases new online tool to track crude oil imports

    11/21/2014 5:19:22 AM PST · by thackney · 3 replies
    Energy Information Administration ^ | NOVEMBER 21, 2014 | Energy Information Administration
    EIA's recently released U.S. Crude Oil Import Tracking Tool, designed to analyze crude oil imports in response to growing domestic production, allows users to sort and display imports by month or year, density (i.e., light, medium, heavy), country of origin, port of entry, processing company, processing refinery, and more. The tool features graphing and mapping capabilities and a built-in help function. Recent and anticipated increases in domestic crude production have sparked discussion about how rising crude oil volumes will be absorbed. To date, increased production has displaced some imported crude oil, which has fallen from 8.9 million barrels per day...
  • No, the Kochs won't make $100 billion from the Keystone XL pipeline

    11/20/2014 11:21:21 AM PST · by EveningStar · 23 replies
    Tampa Bay Times PolitiFact.com PunditFact ^ | November 19, 2014 | Katie Sanders
    Opponents of the Keystone XL pipeline are stoking fear about the project by connecting it to two of the biggest bogeymen in politics: Charles and David Koch. The claim goes that the Koch brothers stand to make $100 billion if the pipeline gets built. The figure, which would effectively double the Kochs’ net worth, has bounced around liberal news organizations and was repeated this month by progressive radio talk show and TV host Thom Hartmann on his RT show. Take it with a block of salt, a PunditFact analysis finds.
  • Commentary: The shakeout in US shale

    11/20/2014 5:12:35 AM PST · by thackney · 40 replies
    Fuel Fix ^ | November 19, 2014 | Matt Smith
    My favorite quote by H.L. Mencken is ‘a cynic is a man who, when he smells flowers, looks around for a coffin‘. A bit morose, I know, but this appeals to the contrarian in me. My second favorite is überly-applicable to US shale oil break-evens: ‘For every complex problem there is an answer that is clear, simple, and wrong‘. For there is no lack of estimates flying around as to the price level at which US shale oil production could be curtailed. The problem is, they all appear to be different. The debate was ignited by OPEC, after comments from...
  • I Just Spent 7 Days Watching Only Russian News And Reading Pravda — Here's What I Learned

    11/19/2014 1:40:41 AM PST · by Berlin_Freeper · 43 replies
    businessinsider.com ^ | Nov. 18, 2014 | Vitaliy Katsenelson
    <p>I grew up hating America. I lived in the Soviet Union and was a child of the Cold War. That hate went away in 1989, though, when the Berlin Wall fell and the Cold War ended. By the time I left Russia in 1991, the year the Soviet Union collapsed, America was a country that Russians looked up to and wanted to emulate.</p>
  • Watching the Democrats Commit Suicide

    11/19/2014 2:29:54 PM PST · by PROCON · 34 replies
    pjmedia ^ | Nov. 19, 2014 | Roger Kimball
    So the Senate Democrats just defeated the $8 billion Keystone XL pipeline by 1 vote. Sitting duck Mary Landrieu — the soon-to-be former senator from Louisiana — begged her Democratic colleagues to vote for the energy-and-job-creating project but, no, the Fauxcahontas Elizabeth Warren “Green” wing of the party chose leftist sanctimoniousness over practicality. Here’s the thing about energy: we need as much of it as we can get as cheaply as possible. Are you worried about “the environment,” “peak oil,” etc.? Then you should be an aivd supporter of fracking, the Keystone pipeline, and any other means of extracting fossil...
  • Could Obama cut deal on Keystone pipeline? Don't rule it out

    11/19/2014 10:45:44 AM PST · by TangledUpInBlue · 18 replies
    Returers ^ | 11/19 | Steve Holland and Roberta Rampton
    President Barack Obama might be open to using the Keystone pipeline as leverage with Republicans if they cooperate on other aspects of his long-stalled domestic agenda, such as investing in infrastructure, closing tax loopholes or reducing carbon emissions. After years of fighting over TransCanada's crude oil pipeline from Canada, a Keystone deal is not entirely out of the question, sources inside the administration and others close to the White House told Reuters on Tuesday. With the Senate's narrow defeat of a Keystone bill on Tuesday, Obama avoided the awkward position of possibly vetoing a bill supported by members of his...
  • Keystone Killed

    11/19/2014 9:14:29 AM PST · by Sean_Anthony · 24 replies
    Canada Free Press ^ | 11/19/14 | Arnold Ahlert
    Desperate Sen. Mary Landrieu loses the vote, and likely her Senate seat as well. The ongoing theatrics surrounding the Keystone XL pipeline continued in earnest Tuesday. Desperate Democrat incumbent Senator Mary Landrieu (D-LA) spent the afternoon trying to secure the critical 60th vote necessary for the filibuster-proof majority that would get the legislation through the Senate and onto Obama’s desk, while her fellow Democrats weighed the pros and cons of alienating their radical environmentalist constituency. Democrats chose to stand with the radicals, defeating the bill by a 59-41 vote. By the middle of the afternoon, Landrieu’s chances of winning over...
  • Warren Buffett's Massive Railroad Lobby

    11/19/2014 8:07:04 AM PST · by upbeat5 · 41 replies
    Muckety ^ | May 5, 2014 | Laurie Bennett
    What do train whistles and Warren Buffett have in common? If you answered old-fashioned charm, you’re wrong. The Sightline Institute, a Seattle-based think tank, calls the avuncular billionaire “the man behind the exploding trains.” Buffett’s company, Berkshire Hathaway, owns Union Tank Car Company, North America’s largest leaser of tank cars. Berkshire also owns BNSF Railway Company, which moves many of those cars.
  • TransCanada Showcases Automation on Keystone XL Pipeline

    11/19/2014 5:11:04 AM PST · by thackney · 4 replies
    Automation World ^ | November 14, 2014 | Aaron Hand
    Six years into a wait for the approvals to operate the newest section of the Keystone Pipeline system, TransCanada has already spent $2.4 billion on the project. TransCanada had hoped that it would have the permits for its Keystone XL pipeline within two years, since the first phase of the Keystone Pipeline system was reviewed and approved in 23 months. But it’s been more than six years since TransCanada filed its application to build the Keystone XL expansion, and it has still not been approved. Facing environmental pressures from his liberal base if he approves the pipeline and strife from...
  • Drill, Baby, Drill! US Fracking Drives Down Saudi Oil Prices

    11/18/2014 7:30:44 PM PST · by 2ndDivisionVet · 19 replies
    The Excellence In Broadcasting Network ^ | November 18, 2014 | Rush Limbaugh
    BEGIN TRANSCRIPT RUSH: Okay. I mentioned the plummeting oil price, and there are a lot of people trying to figure out, why is this happening? There are a lot of people that do not understand what it is that's driving down the crude oil price. What explains it? When it happens and it's a mystery, people look to traditional explanations, "Well, are people driving less? Is the demand for gasoline down? The economy bad? What's going on?" And in this case that's not the answer The simple explanation for much, not at all, but for much of the drop in...
  • Barbara Boxer Creates Phony Dirty Sky In Opposition to Keystone Pipeline

    11/18/2014 3:03:25 PM PST · by thetallguy24 · 66 replies
    Hardhatters ^ | 11/18/2014 | Hal Hawkins
    There’s a debate raging on the Senate Floor right now over the Keystone XL Pipeline, and Sen. Barbara Boxer (D – CA) is lamenting how dirty the air is where the pipeline will end, Port Arthur, TX. Specifically, she is using a photo of a playground in the Texas city located near oil refineries showing dark plumes of smoke pouring into the sky and an entirely overcast sky. She claims the air will become even worse if the pipeline is approved. I’ve done graphic design for many years now and can tell when something is most likely Photoshopped. This is...
  • Roll Call Vote on S.2280, Keystone Pipeline

    11/18/2014 3:02:29 PM PST · by mdittmar · 19 replies
    United States Senate Democrats ^ | 11/18/2014 | Senate Majority Leader Harry Reid
    5:55pm The Senate began a 15 minute roll call vote on passage of S.2280, a bill to approve the Keystone XL Pipeline [60-vote threshold].
  • XL Keystone vote underway in Congress (Live Thread)

    11/18/2014 3:03:26 PM PST · by Obama_Is_Sabotaging_America · 195 replies
    November 18, 2014 | Obama_Is_Sabotaging_America
    Will it or won't it pass? Stay tuned..
  • Russia says in talks with Venezuela over countering oil price falls

    11/18/2014 11:19:28 AM PST · by Oldeconomybuyer · 11 replies
    Reuters ^ | November 18, 2014 | by Denis Dyomkin
    Russia and Venezuela discussed joint action to combat falling oil prices, Russian Energy Minister Alexander Novak said on Tuesday after holding talks with Venezuela's Foreign Minister Rafael Ramírez the day before. Asked if the two discussed joint moves to counteract the oil price falls, Novak told reporters: "Yes, there is such an initiative. We discussed this theme and now we are working out those proposals on our side."
  • [Sioux] Tribe: Keystone vote is ‘act of war’

    11/18/2014 11:09:24 AM PST · by chajin · 79 replies
    Thehill.com ^ | Nov. 18, 2014 | Lydia Wheeler
    The president of a South Dakota-based Native American tribe says it will be an “act of war” if Congress authorizes construction of the Keystone XL oil pipeline. “We are outraged by the lack of intergovernmental cooperation,” Rosebud Sioux Tribe President Cyril Scott said in a statement. “We are a sovereign nation and we are not being treated as such,” Scott said in response to Friday’s House vote to approve the project. “We will close our reservation borders to Keystone XL. Authorizing Keystone XL is an act of war against our people.”...
  • Where will the Keystone XL oil go to?

    11/18/2014 9:59:34 AM PST · by Laissez-faire capitalist · 59 replies
    11/18/2014 | Laissez-Faire Capitalist
    We most certainly need to "drill, baby, drill." But how much of this oil is going to be shipped elsewhere, and how much will stay in the US? While much of it will probably be refined, will it then be shipped to Latin America or other places? Why not keep it all (or at least the lion share of it) here in the United States?
  • What Bourbon Producers Can Teach the Oil Industry

    11/18/2014 8:56:11 AM PST · by thackney · 8 replies
    New York Times ^ | NOV. 18, 2014 | Neil Irwin
    The market for crude oil is in veritable free fall. The price of a barrel has dropped 30 percent since June, and the ripples have only begun, with analysts warning of everything from bankruptcies of Texas oil fields to economic troubles in big oil-producing nations like Venezuela and Nigeria. If oil prices stay low or keep falling, it will be one of the most important trends shaping the world economy in 2015, which raises the question: Why is this happening? To answer that, it is useful to look at the market for another fluid that is stored in barrels, one...
  • Keystone stuck at 59 votes

    11/17/2014 8:08:15 PM PST · by PROCON · 43 replies
    thehill.com ^ | Nov. 17, 2014 | Laura Barron-Lopez
    Sen. Mary Landrieu (D-La.) and other supporters of the Keystone XL oil pipeline are stuck at 59 votes — one vote shy of the supermajority they need to move their bill forward on Tuesday. Sens. Carl Levin (D-Mich.) and Jay Rockefeller (D-W.Va.) said Monday that they would vote against moving forward with the legislation, making it unclear whether supporters had a path to the magic number of 60. Rockefeller had appeared to be one of the last possible converts Monday evening, and supporters were pressuring the retiring senator to join their side. But he told reporters on Monday that he...
  • Liberal University Destroys Anti-Fracking Talking Point

    11/17/2014 10:04:13 AM PST · by Kaslin · 49 replies
    Townhall.com ^ | November 17, 2014 | Thomas Miller
    B-I-N-G-O. They nailed it. Finally, an unbiased academic study that reiterated what we’ve been advocating all along on Powering America Radio. The University of Colorado, Boulder, by no means a bastion of pro-fracking advocacy, studied that dastardly substance that many a seasoned environmentalist have repeatedly used to demonize American Energy Independence: Frack Fluids. Their finding? What’ goes down the well is no more hazardous than what lies beneath your sink, or sits atop your laundry closet. This was the first-ever scientific report anywhere, and was conducted by a team of researchers from CU Boulder. They studied wells in Colorado, Louisiana,...
  • Rising Rail Oil Shipments Beg For Safer Keystone XL

    11/17/2014 9:54:31 AM PST · by raptor22 · 15 replies
    Investor's Business Daily ^ | November 17, 2014 | IBD EDITORIALS
    Energy Transport: New data show fast-rising rail shipments from North Dakota's Bakken shale formation and the need for a safer alternative to rail — like the Keystone XL pipeline. In his post-election press conference, the president noted in justifying his continual kicking of the Keystone XL oil drum down the road that "while this debate about Canadian oil has been raging ... we've seen some of the biggest increases in American oil production and natural gas production in our history." That increase is due in large part to oil recovered from the Bakken shale formation centered on North Dakota. So...
  • Kemp: OPEC's Options (None of Them Good) {Good for OPEC}

    11/17/2014 8:46:25 AM PST · by thackney · 15 replies
    Reuters via Rig Zone ^ | November 17, 2014 | John Kemp
    As ministers from the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to fly to Vienna for their 166th meeting next week, the quiet consultations and soundings have already begun. OPEC must decide whether and how to respond to the 30 percent decline in oil prices since the middle of June, in what may be the organisation's toughest test in five years. Slower oil demand growth and rising competition from non-OPEC suppliers, especially U.S. shale producers, pose a common threat to all the organisation's members. But formulating a common response will be hard because the slowdown...
  • Halliburton buying Baker Hughes in $34.6B deal

    11/17/2014 7:53:25 AM PST · by deport · 40 replies
    Beaumont Enterprise/AP ^ | 11-17-2014 | JONATHAN FAHEY
    In a deal that shows just how quickly falling prices can upend the energy industry, Halliburton is buying rival oilfield services company Baker Hughes in a cash-and-stock deal worth $34.6 billion.
  • Repeal of U.S. oil export ban would lower gas prices, studies show

    11/17/2014 5:20:35 AM PST · by thackney · 22 replies
    Washington Times ^ | November 16, 2014 | Patrice Hill
    The U.S. government has banned oil exports since the energy crisis of the 1970s, but that could change next year as Republicans take control of Congress and are backed by new studies showing that repeal of the ban would actually lower gasoline prices and be a surprising boon to consumers. Sen. Lisa Murkowski, Alaska Republican and the expected new chairwoman of the Senate Committee on Energy and Natural Resources, has been the leading proponent in Congress for ending the ban, arguing that a sea change in the way oil and gas prices are determined in global markets has turned it...
  • IEA Sees New Era, No Quick Rebound In Oil Prices

    11/17/2014 4:59:42 AM PST · by thackney · 4 replies
    Reuters via Rig Zone ^ | November 14, 2014 | Alex Lawler & Dmitry Zhdannikov
    The oil market has entered a new era with lower Chinese economic growth and booming U.S. shale output, making a return soon to high prices unlikely, the West's energy watchdog said on Friday. The International Energy Agency, which typically refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 after declining to their lowest levels since 2010 below $80 per barrel. "While there has been some speculation that the high cost of unconventional oil production might set a new equilibrium for Brent prices in the $80 to $90 range, supply/demand balances suggest that...
  • Iraqi-Kurdish oil deal falls short of solutions

    11/16/2014 8:33:31 PM PST · by DeaconBenjamin
    maktoob news ^ | By VIVIAN SALAMA and BRAM JANSSEN
    The semi-autonomous Kurdish Regional Government has struggled to stabilize the local economy in the face of a militant onslaught and an expensive financial dispute with the Iraqi central government in Baghdad. Negotiations between the two sides yielded some progress Thursday after Baghdad agreed to release $500 million in frozen budget payments. In return, the Kurds will provide 150,000 barrels of oil per day for Baghdad to sell. But while the cash infusion may provide temporary relief, many here say it is nowhere near enough to stabilize the Kurdish economy amid the Islamic State group insurgency, which has driven more than...
  • Shocking Video Shows Spanish Navy Attacking Greenpeace Protesters Off Canary Islands

    11/16/2014 3:16:11 PM PST · by artichokegrower · 46 replies
    gCaptain ^ | November 16, 2014 | Rob Almeida
    In a bold move of aggression on Saturday morning, Spanish Navy rigid-hulled inflatable boats repeatedly slammed into Greenpeace protesters off the Canary Islands. The activists were protesting against an offshore drilling campaign headed up by Repsol utilizing the Rowan Renaissance drillship.
  • Obama Flips the Bird at Canada, America’s Largest Trading Partner and Closest Ally

    11/16/2014 11:36:48 AM PST · by Sean_Anthony · 19 replies
    Canada Free Press ^ | 11/16/14 | Mitch Wolfe
    Keystone XL Pipeline: Obama is clearly treating Canada as if it was some rogue anti-democratic, anti-American misogynistic Middle Eastern potentate, pumping dirty oil and befouling the environment For six years, President Obama has been bobbing and weaving on the proposed Keystone pipeline. But recent events, outside of Obama’s control, have forced his hand. As a result, Obama has been forced to come out of the shadows on Keystone and state clearly his position, which is clearly negative on the Keystone pipeline. This position exposes Obama as an arrogant, insensitive, egocentric, ignorant and deceitful political hack, who is trying to appeal...
  • Keystone left behind as Canadian crude pours into U.S.

    11/16/2014 7:45:16 AM PST · by george76 · 28 replies
    National Post ^ | November 14, 2014
    Delays of the Keystone XL pipeline are providing little obstacle to Western Canadian oil producers getting their crude to the U.S. Gulf Coast, with shipments set to more than double next year. The volume of Canadian crude processed at Gulf Coast refineries could climb to more than 400,000 barrels a day in 2015 from 208,000 in August, according to Jackie Forrest, vice president of Calgary-based ARC Financial Corp. The increase comes as Enbridge Inc.’s Flanagan South and an expanded Seaway pipeline raise their capacity to ship oil by as much as 450,000 barrels a day. Canadian exports to the Gulf...
  • GOP oil titan: Keystone’s irrelevant (Harold Hamm)

    11/15/2014 4:11:28 PM PST · by Olog-hai · 40 replies
    Politico ^ | 11/14/14 2:26 PM EST | Updated 11/14/14 8:42 PM EST | Darren Goode
    Republican oil mogul Harold Hamm says Congress is wasting its time debating the Keystone XL pipeline. “It’s not relevant at all, in my opinion. And here we are making it relevant now? Forget it,” the billionaire CEO of Oklahoma-based Continental Resources told Politoco in an interview Friday, just before the House passed a bill aimed at approving the pipeline. […] Hamm said his company, which had planned to use Keystone to ship some of its North Dakota crude, is already using other pipelines for half of its oil. And the percentage is growing. “We’re supporting other pipelines out there; we’re...
  • ISIS Blows Up Egypt-Jordan Gas Pipeline

    11/15/2014 9:41:03 AM PST · by DeoVindiceSicSemperTyrannis · 16 replies
    Arutz Sheva ^ | 11-15-14 | Dalit Halevy
    The Islamic State's Sinai Peninsula terror organization, which was named Ansar Bayt al-Makdas until it swore allegiance to Islamic State (aka ISIS), has blown up the pipeline carrying gas from Egypt to Jordan. The pipeline, which is 1,200 km long, and was built at a cost of $1.2 billion, is used for exporting natural gas to Jordan, Syria and Lebanon. In the past, it was repeatedly attacked by Islamist terror groups, until Egypt's gas exports to Israel were halted. The Islamic State's Sinai Peninsula notified the press that it would not allow gas to be exported to Jordan unless ISIS...
  • An Obama veto of Keystone XL could be pretty unpopular

    11/15/2014 7:33:34 AM PST · by thackney · 12 replies
    Washington Post ^ | November 13, 2014 | Aaron Blake
    President Obama is fond of telling Congress that it should pass things with the overwhelming support of the American people, including (among other things) comprehensive immigration reform, increasing the minimum wage, and increasing gun background checks. And yet, Obama could soon be in a position of vetoing something with a similar amount of support: the Keystone XL pipeline. Poll after poll has shown support for Keystone is somewhere between very strong and overwhelming. A Pew Research Center survey this month showed support for the project at nearly two-to-one, 59 percent to 31 percent. And that was about the lowest level...
  • Iraq wants tanker dispute to stay in U.S.

    11/15/2014 6:39:01 AM PST · by thackney · 3 replies
    Fuel Fix ^ | November 14, 2014 | Rhiannon Meyers
    Iraq wants an international dispute over a tanker of crude floating for more than three months off Galveston’s coast to remain in U.S. courts because Kurdistan refuses to resolve the matter on Iraqi soil, according to recent court filings. “It appears to be Iraqi Kurdistan’s position that no court in the world may adjudicate this matter,” Baghdad’s attorneys argued in court filings Thursday. “While the issues should be decided in Iraq, they certainly may be decided here.” The Kurdistan Regional Government two months ago asked U.S. District Judge Gray Miller to dismiss Iraq’s pleases to seize more than 1 million...
  • 31 House Democrats join GOP in vote to approve Keystone

    11/14/2014 7:13:33 PM PST · by SeekAndFind · 30 replies
    Hotair ^ | 11/14/2014 | NOAH ROTHMAN
    On Friday, an overwhelming majority of House members passed legislation sponsored by Rep. Bill Cassidy (R-LA) which approved construction of the long-delayed Keystone XL Pipeline. By 252 to 161, the House opted to send the measure to the U.S. Senate, where it will face a vote from the upper chamber next week which could, for the first time, force the president to determine whether to approve or veto the oil transit route. 31 Democratic representatives voted with every Republican member of Congress save Rep. Justin Amash (R-MI), who voted present, to approve construction of the pipeline. It is an...